Prepare any correcting journal entry required

Reference no: EM133475118

Question: On January 13, 2024, Sheridan Corporation discovered that goods in transit from a supplier of $113,525 with terms FOB shipping point were not included in the inventory count at the end of the year, December 31, 2023, although the purchase had been recorded in the accounting records. The goods were shipped on December 29, 2023 and received by Sheridan on January 10, 2024.

Prepare any correcting journal entry required, assuming Sheridan uses a periodic inventory system, the books are closed for 203 and ignore any income tax effects.

Reference no: EM133475118

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